New York City real estate has always been grim for those who can’t afford million dollar homes, yet the dreamers amongst us can’t stop looking at residential listings or Craigslist in hopes of finding that hidden gem.
Today, StreetEasy released its November Manhattan Condo Market Report. The bad news first, inventory is still low with the number of available condos falling 7.9 percent from October. And there’s no relief for renters, especially those looking at Brooklyn, which will be the least affordable borough to rent.
The silver lining? If you do manage to find an apartment, while it’s still not going to be cheap, it’ll be (slightly) more realistic than in the past. StreetEasy predicts that in 2015, prices will increase 3.6 percent, which is half of what they increased in 2014.
“We predict condo prices will increase at just half their 2014 pace over the next year,” said StreetEasy data scientist Alan Lightfeldt. “But this is a welcome sign of a much more healthy and sustainable growth rate, which may influence sellers to put their homes on the market in order to capture peak prices. Greater inventory will give Manhattan buyers the opportunity to be more aggressive about negotiating asking prices.”
See, it can happen.